The energy crisis is global
By Christina Lu
It’s not just Europe and the United States—eye-watering prices are wreaking havoc around the world.
As Russia plays hardball with Europe’s gas supply, the continent is staring down a worrisome energy future—and it’s not alone. For months, sky-high natural gas and oil prices have been wreaking havoc around the world, and experts warn that there is no end in sight as long as the war in Ukraine barrels on.
From Ecuador to South Africa, fuel shortages and blackouts have plunged import-dependent countries into economic turmoil, leaving desperate governments scrambling for workaround solutions. In Sri Lanka, which was already buckling under mounting crises, acute shortages and dayslong lines have forced authorities to issue work-from-home orders. Pakistan has resorted to shortening its work week to relieve pressure from lengthy power cuts, while Panama has been rocked by demonstrations over surging prices.
“We are experiencing the first global energy crisis,” said Jason Bordoff, an energy expert at Columbia University, who noted that the crunch has hit almost all of the world’s regions and energy sources. “The ripple effects are being seen globally, and I don’t think we’ve seen the worst of it yet.”